We recently completed our training on the Islamic Financial Act 2013 and the Shariah Governance Policy Document of Bank Negara Malaysia (BNM).
It is crucial for our financial institution to have a good understanding of the Shariah governance framework, methodology, compliance, and committee appointment. This is the reason we have arranged for both our Muslim and non-Muslim employees to attend the training, to enhance the implementation of any Shariah-related policies in the future.
The informative session was attended by 20 participants who had the opportunity to learn from Islamic experts in Shariah, including Megat Hizaini, Partner & Head of Islamic Banking & Finance Practice at Lee Hishammuddin Allen & Gledhill, and Muhamad Nakhaie, Managing Partner at J.Lee & Associates.
The first key point from the Shariah Governance Policy is how the fundamental principles of Shariah Islamic Finance Law prohibit riba (interest), gharar (uncertainty), and maysir (gambling). Secondly, Islamic Banking and Finance (IBF) products and services must adhere to Shariah contracts. Finally, a robust Shariah governance system must be established to ensure compliance with Shariah principles.
